On June 29, 2019, the Ethereum price reached a low of ₿0.025. An upward move ensued and the ETH price reached a high of ₿0.0283 on July 2.
The Ethereum price has been decreasing since.
How long will this decrease continue? Keep reading below in order to find out.
This is a short-term analysis. For the full long-term one please click here.
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Ethereum Price: Trends and Highlights for July 3
- ETH/BTC recently broke down from a support line.
- It has found support near the 0.786 fib level.
- There is a short-term bullish divergence developing in the RSI.
- There is resistance near ₿0.0283.
Previous Movements of the Ethereum Price
Since reaching the aforementioned low on June 28, the price of ETH has been following an ascending support line.
It did so until it reached the resistance area near ₿0.0283. Afterward, the price broke down from the support line.
At the time of writing, it was trading near ₿0.0259.
Current Support
A closer look at the price shows that the previous resistance line is now acting as support.
Furthermore, this line coincides with the 0.786 fib level of the entire upward move — making it a suitable place to initiate an upward move.
An analysis of the RSI also supports this possibility.
Since the early hours of July 3, the ETH price has been decreasing alongside the descending support line.
During this time, however, the RSI has been generating successively higher values.
This bullish divergence suggests that the price may soon begin an upward move.
Summary
The price of Ethereum recently broke down from a support line. It has currently found support above the 0.786 fib level of the previous upward move. The RSI suggests that an upward move may soon occur. Do you think the Ethereum price will begin to increase? Let us know in the comments below.Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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